Canadian Dollar To Naira Black Market Today

The Canadian Dollar (CAD) has reached an unprecedented rate against the Nigerian Naira (NGN) in the informal currency trading market, commonly referred to as the black market.

As of today, the exchange rate stands at a striking ₦1,164.524 per CAD, showcasing the significant influence of supply and demand dynamics outside the official banking channels.

The Abokis, Nigeria’s informal currency traders, are at the forefront of this market, navigating through the complexities of an unregulated exchange landscape.

While the black market provides an alternative route for currency exchange, it is not without risks, including the potential for scams, which poses a concern for individuals and businesses engaging in transactions within this space.

It is noteworthy that the exchange rate for the Canadian Dollar to Naira in the black market is substantially higher than the official rate provided by the Central Bank of Nigeria (CBN).

This discrepancy is attributed to the limited regulatory framework governing the parallel market, coupled with the inherent risks associated with informal trading.

Consequently, traders often mark up exchange rates to mitigate these risks, affecting the final amount received by those exchanging Canadian Dollars for Naira.

The current exchange scenario underscores the volatility of the foreign exchange market in Nigeria, particularly within the parallel market segment.

For instance, exchanging 100 CAD today yields approximately N116,452.40, while CAD 1,000 translates to ₦1,164,524.00 in the black market.

These rates significantly deviate from the CBN’s official exchange figures, reflecting the ongoing challenges in Nigeria’s forex landscape.